Paypal Accepting Online Gambling Business

Published Monday, August 03, 2009 -

Things are warming up in the online payment processing business. Probably one of the most risky of ventures in the online gambling world, financial services are a target for governments enforcing their various online gambling control measures, by freezing or seizing the money transfers. PayPal as of July 2007 has offered it's services across Europe, operating as a Luxembourg based bank. Paypal prior to this move, had been registered in the UK as Paypal (Europe) Ltd as an electronic money issuer. PayPal became a wholly owned subsidiary of the American based company E Bay in October of 2002.

The firm has reversed it's policy recently of not accepting online gambling business in Europe. The new approach has opened the door just a crack for the company to get it's foot in the door in the U.S.A. market should it become available soon. Presently U.S. players are still excluded from the service, but Paypal is using its payment processing services once again to transfer online gambling payments in the U.K. The processor, which allows a nearly instantaneous transfer of money from one account to another, now accepts online casinos and bingo sites.

Paypal will process payments for Award winning Internet casino 32Red, a gaming company listed on the London Stock Exchange. Some UK online bingo sites have also adopted Paypal as a payment method. Paypal assures players of secure transactions, without having to release bank account or credit card numbers which is very appealing to online gamblers world wide.The recipient of a PayPal transfer can either request a check from PayPal, establish their own PayPal deposit account or request a transfer to their bank account. PayPal is an example of a payment intermediary service that facilitates global e-commerce. E Bay's corporate headquarters are in San Jose California USA. with the company also having significant operations in Texas, Omaha, Nebraska, and Arizona in the states and in India, Ireland, Germany, and Israel.

Paypal is following the trend in Europe of companies warming up to the online gambling world. Google being another example of a businesses reversing it's policies against the acceptance of online gambling operators.

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